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131st MAINE LEGISLATURE |
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LD 1169 |
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LR 614(02) |
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An Act to Amend
the Laws Governing the Foreign Credentialing and Skills Recognition Revolving
Loan Program |
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Fiscal Note for
Bill as Amended by Committee Amendment " " |
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Committee: Innovation, Development, Economic
Advancement and Business |
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Fiscal Note Required: Yes |
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| Fiscal Note |
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| Increases amount of interest-free loan - Finance Authority of
Maine |
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| Fiscal Detail
and Notes |
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Public Law 2019,
chapter 447 established the Foreign Credentialing and Skills Recognition
Revolving Loan Program, administered by the Finance Authority of Maine (FAME)
to provide interest-free loans of up to $700 to eligible immigrants who need
assistance while awaiting federal employment authorization. The loan program has received General Fund
appropriations of $75,000 per year since fiscal year 2019-20 and Public Law
2023, chapter 17 continues the annual appropriations through the 2024-2025
biennium. According to FAME, only one
$700 loan has been requested and issued since the program began and the
program fund currently has an unspent balance of $300,000. |
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This bill
proposes to increase the maximum loan amount available to qualified
applicants from $700 to $2,000 and extends the loan repayment period from 60
days to 6 months. Given the unspent
balance in the program fund and General Fund appropriations included in
Public Law 2023, chapter 17, no additional funding to support the grant
program will be required through the 2024-2025 biennium. |
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